India legalizes crypto

[Doctor]

Good news for India, finally

Yeah, It's good new for India, but it's too high the tax.
I have predicted it will happen, the government will allow crypto currency but make regulations about the tax.
30% is so high, I think maybe 5-10% is better
But it depend on their citizens, If the citizens allow, that's not problem.
Hopefully It will never happen in my country.

[MrJackk]

Finally good news for India. Cryptocurrencies have finally been approved with a 30% tax. While I look for more information to expand this thread, I leave you the link where I have read it:

The Indian government unveiled a tax of 30% on the sale of crypto assets in a move that brings more clarity to the regulatory and tax treatment of cryptocurrencies following months of uncertainty about their legal status in the country.

https://www.binance.com/en/news/top/6894281

Do you think 30% is too much?. I personally think so, because such a high tax can achieve the opposite effect to that desired, that many citizens continue without declaring their cryptocurrencies so as not to pay.

Legalize cyrpto, so do you really mean that Indians can buy or purchase things by crypto now instead of Indian rupees?

[Freemind]

Legalize cyrpto, so do you really mean that Indians can buy or purchase things by crypto now instead of Indian rupees?

It means that citizens will be able to trade and exchange cryptocurrencies, convert those cryptocurrencies to FIAT and FIAT to cryptocurrencies without legal loopholes and paying taxes to the government. Paying for goods and services with Indian rupees is not up to the government, it's up to the shops themselves. In my country there is no clear legislation on cryptocurrencies, but any citizen can buy a smartphone with cryptocurrencies, for example, if the store accepts payment with cryptocurrencies.

[innerpumper]

At first I was very happy with this news, but the war in Russia and Ukraine actually disturbed the growing tension of cryptocurrencies.
Some people seemed to panic at that time, by deliberately selling their assets cheap because of the threat of world war 3, but apparently all that did not happen, so bitcoin rose again high and they could not make any profit at all.

[dekafee79]

At first I was very happy with this news, but the war in Russia and Ukraine actually disturbed the growing tension of cryptocurrencies.
Some people seemed to panic at that time, by deliberately selling their assets cheap because of the threat of world war 3, but apparently all that did not happen, so bitcoin rose again high and they could not make any profit at all.

I think not all people panic now,  many people still calm.
Because they believe Russia and Ukraine war just have a little effect to crypto market.
If have big effect, crypto will recover again soon.
I also believe crypto will survive until bitcoin halving.
Im to hear India legalized crypto , Its really good.

[elbans89]

Finally good news for India. Cryptocurrencies have finally been approved with a 30% tax. While I look for more information to expand this thread, I leave you the link where I have read it:

The Indian government unveiled a tax of 30% on the sale of crypto assets in a move that brings more clarity to the regulatory and tax treatment of cryptocurrencies following months of uncertainty about their legal status in the country.

https://www.binance.com/en/news/top/6894281

Do you think 30% is too much?. I personally think so, because such a high tax can achieve the opposite effect to that desired, that many citizens continue without declaring their cryptocurrencies so as not to pay.

Of course 30% is so much.
We know as bounty campaign is worthless now.
Trading and investing are also struggling and less profit.
But I think It's good news If Indian legalized bitcoin and crypto currency.
Hopefully the government will reduce the crypto tax.
It's really annoying.

[satpol_PP]

I personally agree if Indian government take the taxe, although 30%.
It's too high, but It's good step fro crypto currency being allowed at Indian.
In my country will take the tax too.
No Matter, Hopefully bitcoin will be legalized soon.
So we can do invest and trading in our country.

[nakmantu99]

Finally good news for India. Cryptocurrencies have finally been approved with a 30% tax. While I look for more information to expand this thread, I leave you the link where I have read it:

The Indian government unveiled a tax of 30% on the sale of crypto assets in a move that brings more clarity to the regulatory and tax treatment of cryptocurrencies following months of uncertainty about their legal status in the country.

https://www.binance.com/en/news/top/6894281

Do you think 30% is too much?. I personally think so, because such a high tax can achieve the opposite effect to that desired, that many citizens continue without declaring their cryptocurrencies so as not to pay.

Yeah, I think 30% is too much.
The government just know bout profit and didn't think about our lost.
In my opinion I think 10% is enough.
India government legalize crypto is good thing but too high to take the tax.

[silkytakyaan86]

Yes, the Indian government has regulated crypto currency. With 30% tax. The first investor had a fear in investing in the crypto market that the government should never take any disappointing decision. But now it is a matter of relief. Although a little over 30% tax is plausible.

[gurunanakji777]

Officially Government of India did not declare it legal. This is not true Crypto is still not legalized by India but the fact is they impose 30% tax as well as 1% TDS on the transactions. When Government will pass the crypto legalization bill in parliament then only it will be legalized in India but by imposing a tax on cryptos. Many of the traders are expecting it will be legalized but due to the heavy taxes, the volume of trading on Indian exchanges drops drastically because the 30% tax is a huge amount even they will take the tax and will not square off the losses in the tax that is also a big concern for the trader. I hope the government will reconsider its decision to reduce the crypto tax and as well as to square off the losses as well in the tax otherwise most of the traders will not buy cryptos.

[Octoalts]

Yes, the Indian government has regulated crypto currency. With 30% tax. The first investor had a fear in investing in the crypto market that the government should never take any disappointing decision. But now it is a matter of relief. Although a little over 30% tax is plausible.

Actually 30% is a very high value, just imagine if we have $100 and have to pay taxes of 30% or $30? This is amazingly much . Is there no more negotiations in India to reduce the amount of the tax? I think this will be a tough rule for the Crypto players there!

[lepbagong]

but indeed the matter of taxes will of course be adjusted to each country that has a policy, maybe if India has implemented all digital assets it will be subject to a 30% tax, of course there are calculations that have been made by the Indian government. Will the policies taken bring good changes for the development of crypto or vice versa?
Of course, it is difficult to interfere in the policy affairs of other countries, but is that normal? maybe yes or no.

If you look at other countries, of course there will be differences in application, some are exempt but some only provide taxes only for mining because of the reason for using high electricity consumption. but Japan applies a higher tax rate than India and we ourselves don't know how the crypto situation is there.

[Istiak]

Finally good news for India. Cryptocurrencies have finally been approved with a 30% tax. While I look for more information to expand this thread, I leave you the link where I have read it:

The Indian government unveiled a tax of 30% on the sale of crypto assets in a move that brings more clarity to the regulatory and tax treatment of cryptocurrencies following months of uncertainty about their legal status in the country.

https://www.binance.com/en/news/top/6894281

Do you think 30% is too much?. I personally think so, because such a high tax can achieve the opposite effect to that desired, that many citizens continue without declaring their cryptocurrencies so as not to pay.

This legalization is more like shucking money from crypto investors and demotivate them so that they will leave the field. I am expecting a CBDC from indian central bank and this could be a attempt to the ground work for the creating a safe environment for CBDC launch. Future of crypto in india is not looking good.

[Freemind]

This legalization is more like shucking money from crypto investors and demotivate them so that they will leave the field. I am expecting a CBDC from indian central bank and this could be a attempt to the ground work for the creating a safe environment for CBDC launch. Future of crypto in india is not looking good.

It could be for the reasons you mention, but it could also be for others. We must bear in mind that crypto investors with less funds are the ones who will pay that 30% if they want to buy or sell. But investors with a lot of funds could go to another country and pay much less taxes, that would create more tax havens than already exist. In any case, citizens with less funds will always be able to continue trading in other ways, using DEX or buying and selling physically.

[gunhell16]

Finally good news for India. Cryptocurrencies have finally been approved with a 30% tax. While I look for more information to expand this thread, I leave you the link where I have read it:

The Indian government unveiled a tax of 30% on the sale of crypto assets in a move that brings more clarity to the regulatory and tax treatment of cryptocurrencies following months of uncertainty about their legal status in the country.

https://www.binance.com/en/news/top/6894281

Do you think 30% is too much?. I personally think so, because such a high tax can achieve the opposite effect to that desired, that many citizens continue without declaring their cryptocurrencies so as not to pay.

Maybe to all crypto enthusiast over the country of India this is a good news but also a bad news either due to the tax given was too high and too much for the tax payers. Is this 30% tax is also the same to their prime commodities, or only applicable for the cryptocurrency? Just a question only.